Every year manufacturers spend millions of dollars launching new products. But, according to Nielsen data, only 15% of consumer packaged goods launched in the US are still around two years later. According to James Richardson (SVP at Hartman Strategy), while big CPG firms are great at building distribution, they struggle to build “long-term sustainable growth engines”. Among the biggest mistakes companies make are marketing support that peters out and a half-hearted retail partner.
Launch plans need to include more than generating initial awareness & trial. They need to sustain purchase over time. How do brands achieve that? #MarsTalk